NEW YORK, June 6, 2007 (PRIME NEWSWIRE) -- The Rosen Law Firm today announced that it has commenced an investigation into allegations that Telik, Inc. ("TELK" or the "Company") (Nasdaq:TELK) violated the federal securities laws by concealing important negative information concerning the safety of its drug candidate Telcyta.
On December 26, 2006, the Company announced that results of its Phase III trials for Telcyta had failed to achieve the primary endpoint of improvement in overall survival for Telcyta as compared to the active control groups.
On June 4, 2007 the Company announced that the FDA had placed Telcyta on clinical hold following disclosure of additional findings from the recent Phase III Trials demonstrating that patients administered Telcyta died much sooner than patients receiving the standard treatment.
The Rosen Law Firm is investigating allegations that Telik should have earlier disclosed this important information casting doubt on Telcyta's safety.
As a result of these allegations, the Rosen Law Firm is preparing a class action lawsuit on behalf of investors who purchased Telik stock during the period from December 26, 2006 through and including June 4, 2007.
You may access the website at http://www.rosenlegal.com to participate in the proposed class action.
If you purchased Telik securities and would like further information concerning your legal rights, please contact Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com or visit the website at www.rosenlegal.com
The Rosen Law Firm has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud. The Rosen Law Firm represents investors throughout the nation, concentrating its practice in securities class actions.